Between 2010 and 2012 Andrew Rees and Timothy Hughes – 1 Stop Financial Services managing directors – advised nearly 2,000 customers on switching their existing pensions into SIPP’s to the value of £122m.
These SIPP’s (Self Invested Personal Pensions) contained investments in products such as diamonds and overseas property, which are considered high risk and often unregulated.
In 2014 the Financial Conduct Authority banned them from “performing any significant influence functions with regard to regulated activity” and they ceased trading.
It was also reported in the news at the time that these individuals not only failed in checking the client’s suitability of the investment but, failed to disclose a conflict of interest that they were also managing directors of an introducer firm which had referred business to 1 Stop.
In 2019 they were reported as being the number 1 advice firm to receive complaints against them via the FSCS with a total of 1,254.
High-risk investment can be great for the right kind of investor – someone who can afford to take the risks and possible losses and understands investments and the risks they carry,
But if you can’t afford the losses and don’t really understand how investments work, then you are not suitable for these types of investment and shouldn’t have been advised into them.
Negligent financial advice is one of the biggest factors in pension transfer mis-selling.
If you were advised to transfer into a SIPP and you have concerns about the advice you received or the investments within your SIPP and would like to talk to our team about it call 0114 2664216.
We offer a free initial check to see if you may have been mis-sold. It’s just a simple chat with one of our team who can briefly assess if you may have a case. There’s no obligation to use our service.
Or fill in the enquiry form to arrange a call back at a convenient time for you.
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Compensation Scheme, whichever is applicable to your claim.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.